Fast Payday Loan UK

Fast payday loan UK lenders, such as Wonga, have completely
automated their loan processing, from taking in the application to
making the payment to the bank account.

Wonga, which has been in business since 2007 and provides payday loans for customers throughout the UK, has been named as one of the top 100 tech companies for their innovativeness in the payday lending market.

The
company has been a pioneer in introducing fully automated and real-time
risk assessment technology into the payday advance market in the UK.

Automated
processing allows Wonga, according to their marketing material, to
process thousands of pieces of available information and data, to make instant (in seconds) lending decisions, 24/7.

Because
of this speed of assessing the credit risk of the customer and
automating the subsequent loan payments, they can not only approve
customers in seconds but get the loans into bank accounts within minutes.

This
fast loan application processing time does not mean that Wonga is lax
in their lending criteria. In fact, the opposite seems to be true, as
they decline around two-thirds of first-time applicants.

Due to
the firm's competitive edge in providing risk assessment quickly and
accurately, they have been expanding into small business loans.

For
consumers, their short term loans are available for terms of up to a
month, and Wonga for Business loans are available for terms of up to a
year.

Fast Payday Lenders in the UK

Another fast payday lender is QuickQuid, which uses technology imported from the US-based CashNetUSA, one of the largest online payday lenders in the United States.

Their approval process is fast, but may take up to 30 minutes in most cases.

The
fastest part of their loan approval process is the when the money is
paid to your account, which is marketed as "10-Minute Money", with loan
funds sent to your bank account within 10 minutes of approval, 24/7,
even on weekends and bank holidays.